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RETAIL REDEFINED

Retail is no longer business as usual. As the definition of retail continues to evolve, brands must find new ways to connect with customers in ways that are more personalized, relevant, and meaningful. The number of purchase points is exploding and social networks offer new sources of influence. Family, friends and celebrities affect and inspire purchasing decisions, leading to customers buying something they desire from someone they trust in the moment. In order to stay relevant and win over customers, retailers need to understand their customer’s purpose.

Retailers who identify their customer’s purpose can become a trusted partner to deliver what a customer wants. But what do they want? A woman doesn’t just want a dress, she wants to look beautiful. A trusted retailer will provide not just the product, but styling services to help her look her best. It is important to remember that customers are not just buying from you, they are buying into you.

THREE WAYS TO DELIVER RETAIL WITH PURPOSE

Retail will look quite different in the hyperconnected world. Brands with names and services that are synonymous with a trusted action will earn the right to be top of mind.

WHAT AND HOW YOU SELL WILL CHANGE

Track behavior and preferences with sensors

Brand interaction anytime, anywhere

On-demand services that meet customer needs at the moment of desire

ADAPTING TO THE NEW

Multiple touch points forcing dynamic service strategy

Lower cost and more flexible digital/physical formats

Fewer large-format stores opening

BREAKING THROUGH THE NOISE

Integrated services that provide products and experiences when desired

Positive interactions that increase trust and purchasing frequency

Products sold as on-demand services increase a retailer’s addressable market by

50-125%

*Estimate based on Accenture analysis of leading retail brands

63%

of consumers would consider auto-replenishment for household goods like detergent.

CHANGING COMPETITION

The future retail marketplace will be transparent and the integrated marketplace will influence how stores operate. Data offers a window into marketplace performance to see customer acquisition costs, track churn and measure social media influence at a granular level. This means that retailers must change how they compete in the marketplace.

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